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Collins Community Credit Union

Are You Financially Ready For A Rainy Day?

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If 2020 taught us anything, it is to prepare for the unexpected. Taking steps to protect your financial well being now will make it easier to cope when the unthinkable happens. An illness, job loss, or natural disaster can change things on a dime. Having an emergency fund will make those tough times a bit easier to navigate.

Published on Dec 02, 2020

What exactly is an emergency fund? It describes money set aside solely as a safety net for unexpected expenses, not the money set aside for a new car or retirement. Most financial experts recommend, and we agree that you save funds equal to between three to six months of necessary living expenses in your emergency fund. That provides enough money to cover your housing, utilities, transportation, and food expenses.

Having a clear understanding of your living expenses will help you put a dollar amount on how much should be in that fund. Defining this amount will provide a goal to strive for maintaining. If you haven’t done the math, write down all of your monthly expenses and determine what you truly need each month to get by.

While that number might seem overwhelming, there are steps you can take to make it feel achievable.

  • Setting up automatic deposits from your paycheck is the least painful way to start building that safety net. If you never see it, it is less likely you will miss it. Start with a smaller amount and then adjust it up, if you can, to minimize the adjustment to your readily available cash.
  • Using cashback credit cards, such as the Collins Community Credit Union Visa Platinum UChoose Rewards card, allows you to earn points you can redeem for cash. If you typically pay your card balance in full each month, using a credit card with a cash reward option is a great way to add to your emergency fund.
  • Allocate a portion of your tax refund to build up your emergency account.

A high-yield savings account is a smart place to keep your emergency fund since they are federally insured up to $250,000. They provide a stable safety net that earns interest too. Also, the funds are easily accessible in a dire situation.

While you don’t want to focus on all of the negative possibilities that could arise in life, it is essential to be ready for them. Stay positive but prepared.

What's New

  • 2022 Virtual Annual Meeting

    07 October 2022
    Collins Community Credit Union's Annual Membership Meeting will be held virtually on Wednesday, November 9, 2022 at 5:30 p.m. CST. We can't wait to have you join us! Learn More
  • New Credit Card Management System Coming Soon!

    06 September 2022
    We're pleased to share we will be launching a new, easy-to-navigate system for accessing and managing your credit card information. Learn More
  • Online Safety: Zelle Fraud Alert

    07 July 2022
    Recently, there has been an uptick in the number of scams targeting users of person-to-person payment systems like Zelle. It's important that our members are educated and aware of these scams in order to avoid falling victim to their latest tricks. Learn More
  • 1st Avenue Branch Relocating Soon

    15 April 2022
    Collins Community Credit Union is pleased to announce its new full-service branch, located at 1800 1st Avenue NE, will open on Monday, April 25, 2022. Learn More
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